Bankrupt Billionaire Sam Wyly, Family Settle SEC Fraud Suit

Updated on
  • Agreement to pay $198 million follows 6-year court fight
  • Ruling is a win for IRS and SEC in case over offshore fraud

Former billionaire Samuel Wyly’s six-year battle with the U.S. Securities and Exchange Commission neared conclusion after he agreed to pay $198 million to settle a fraud suit the agency won against him and his late brother Charles two years ago.

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